Aussie Mining Contractor Targeted by Bid Hoax

Australian regulators have been put on high alert again by what appears to be another takeover hoax designed to manipulate the share market.

In a bizarre series of events, engineering company Macmahon Holdings Friday halted trading in its shares amid rumors it was being targeted by Chinese suitors.

Macmahon explained in a statement to the Australian Securities Exchange that it had been contacted by a local media outlet purporting to possess an email chain between company directors and the company’s chief executive. The emails discussed an apparent approach from a Chinese joint venture, but immediate investigations by Macmahon indicated the correspondence was fabricated.